Adobe Inc (NASDAQ:ADBE) Shares Acquired by Hartford Financial Management Inc.

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Hartford Financial Management Inc. lifted its holdings in shares of Adobe Inc (NASDAQ:ADBE) by 119.8% during the 2nd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 3,670 shares of the software company’s stock after purchasing an additional 2,000 shares during the quarter. Hartford Financial Management Inc.’s holdings in Adobe were worth $1,081,000 as of its most recent filing with the SEC.

Other large investors have also recently modified their holdings of the company. Dimensional Fund Advisors LP grew its holdings in Adobe by 1.6% in the 4th quarter. Dimensional Fund Advisors LP now owns 878,281 shares of the software company’s stock valued at $198,698,000 after buying an additional 13,421 shares during the period. First Manhattan Co. grew its holdings in Adobe by 2.5% in the 1st quarter. First Manhattan Co. now owns 5,532 shares of the software company’s stock valued at $1,474,000 after buying an additional 135 shares during the period. Raymond James Trust N.A. grew its holdings in Adobe by 3.9% in the 1st quarter. Raymond James Trust N.A. now owns 6,469 shares of the software company’s stock valued at $1,724,000 after buying an additional 244 shares during the period. Quantitative Systematic Strategies LLC grew its holdings in shares of Adobe by 148.7% during the 1st quarter. Quantitative Systematic Strategies LLC now owns 6,797 shares of the software company’s stock worth $1,811,000 after purchasing an additional 4,064 shares during the period. Finally, Flagship Harbor Advisors LLC grew its holdings in shares of Adobe by 7.4% during the 1st quarter. Flagship Harbor Advisors LLC now owns 5,152 shares of the software company’s stock worth $1,372,000 after purchasing an additional 353 shares during the period. 86.37% of the stock is currently owned by hedge funds and other institutional investors.

In other Adobe news, EVP Ann Lewnes sold 3,000 shares of the company’s stock in a transaction that occurred on Wednesday, June 19th. The stock was sold at an average price of $287.00, for a total value of $861,000.00. Following the transaction, the executive vice president now directly owns 58,458 shares of the company’s stock, valued at approximately $16,777,446. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, EVP Dana Rao sold 2,832 shares of the company’s stock in a transaction that occurred on Tuesday, July 30th. The shares were sold at an average price of $303.36, for a total value of $859,115.52. The disclosure for this sale can be found here. In the last 90 days, insiders sold 26,627 shares of company stock valued at $7,829,264. 0.32% of the stock is owned by company insiders.

A number of brokerages have recently issued reports on ADBE. JPMorgan Chase & Co. boosted their target price on Adobe from $284.00 to $329.00 and gave the stock a “neutral” rating in a report on Wednesday, June 19th. BMO Capital Markets boosted their target price on Adobe from $300.00 to $315.00 and gave the stock an “outperform” rating in a report on Wednesday, June 19th. Royal Bank of Canada reiterated an “outperform” rating and set a $295.00 target price on shares of Adobe in a report on Wednesday, June 19th. Zacks Investment Research cut Adobe from a “buy” rating to a “hold” rating in a report on Wednesday, May 15th. Finally, Bank of America boosted their target price on Adobe from $312.00 to $323.00 and gave the stock a “buy” rating in a report on Wednesday, June 19th. Nine investment analysts have rated the stock with a hold rating and nineteen have issued a buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and a consensus price target of $301.69.

NASDAQ ADBE opened at $293.17 on Wednesday. The stock has a market cap of $143.12 billion, a PE ratio of 52.82, a PEG ratio of 2.68 and a beta of 1.08. Adobe Inc has a fifty-two week low of $204.95 and a fifty-two week high of $313.11. The business has a 50 day moving average of $301.22. The company has a debt-to-equity ratio of 0.10, a quick ratio of 0.70 and a current ratio of 0.70.

Adobe (NASDAQ:ADBE) last released its quarterly earnings results on Tuesday, June 18th. The software company reported $1.83 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.78 by $0.05. The firm had revenue of $2.74 billion during the quarter, compared to analysts’ expectations of $2.70 billion. Adobe had a return on equity of 29.96% and a net margin of 26.25%. Adobe’s quarterly revenue was up 25.0% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.66 EPS. Equities analysts anticipate that Adobe Inc will post 6.3 EPS for the current fiscal year.

Adobe Company Profile

Adobe Inc operates as a diversified software company worldwide. Its Digital Media segment provides tools and solutions that enable individuals, small and medium businesses, and enterprises to create, publish, promote, and monetize their digital content. Its flagship product is Creative Cloud, a subscription service that allows customer to download and access the latest versions of its creative products.

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Institutional Ownership by Quarter for Adobe (NASDAQ:ADBE)

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